The Venetian Macao Marina Bay Sands, Singapore

Sands Macao Four Seasons Macao Sands Bethlehem The Venetian Las Vegas The Palazzo Las Vegas

2Q14 Earnings Call PresentationJuly 16, 2014

The Parisian, Macao(Targeted to open late 2015)Sands Cotai Central, Macao

This presentation contains forward‐looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward‐looking statements involve a number of risks, uncertainties or other factors beyond the company’s control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new ventures, substantial leverage and debt service, government regulation, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward‐looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.

Forward Looking Statements

2

The global leader in Integrated Resort development and operation, delivering strong growth in revenue, cash flow, earnings and dividends 

Best positioned operator in Asia, with the pre‐eminent destination Integrated Resort properties in the world’s fastest‐growing consumer markets

Uniquely positioned to bring unmatched track record, powerful convention‐based business model and the industry’s strongest balance sheet to the world’s most promising Integrated Resort development opportunities

Committed to maximizing shareholder returns by delivering strong growth while  continuing to increase the return of capital through recurring dividend and stock repurchase programs

The industry’s most experienced leadership team: visionary, disciplined and dedicated to driving long‐term shareholder value

The Investment Case for Las Vegas Sands

3

Adjusted diluted EPS increased 30.8% to $0.85 per share¹

Consolidated adjusted property EBITDA increased 18.6% to $1.31 billion¹

Macao – Adjusted property EBITDA¹ increased 21.9% to $801.3 million driven by strong growth in the mass market 

Marina Bay Sands – Adjusted property EBITDA increased 17.6% to $417.8 million 

LVS returned a total of $723.3 million to shareholders during the quarter

— $403.3 million ($0.50 per share) returned through recurring dividend

— $320.0 million returned through share repurchases

Second Quarter 2014 HighlightsSteady Quarterly Growth and Increased Return of Capital to Shareholders

4

Maximizing Return to Shareholders by:1.  Delivering strong growth in current markets 2.  Using leadership position in convention‐based Integrated Resort development and 

operation to pursue global growth opportunities3.  Increasing return of capital to shareholders

NOTE: All comparisons in this presentation compare the second quarter 2014 against the second quarter 2013 unless otherwise specified.1. Includes the impact of the initiation of a “14th month” special bonus accrual for non‐management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would have been approximately $29 million higher both in Macao and on a consolidated basis, and Adjusted Earnings per Diluted Share would have been $0.03 higher. 

$ in millions, except per share information 2Q13 2Q14 $ Change % Change

Net Revenue 3,242.9$     3,624.4$     381.5$         11.8%

Adjusted Property EBITDA 1,106.9$     1,312.6$     205.7$         18.6%

Adjusted Property EBITDA Margin 34.1% 36.2% 210 bps

Adjusted Diluted EPS 0.65$           0.85$           0.20$           30.8%

Dividends per Common Share 0.35$           0.50$           0.15$           42.9%

Hold‐Normalized Adjusted Property EBITDA 1,157.0$     1,218.8$     61.8$           5.3%

Hold‐Normalized Adj. Property EBITDA Margin 35.0% 35.2% 20 bps

Hold‐Normalized Adjusted Diluted EPS 0.71$           0.77$           0.06$           8.5%

Second Quarter 2014 Financial ResultsGrowth in Revenue, Adjusted Property EBITDA, EPS and Dividends per Share

51. Includes the impact of the initiation of a “14th month” special bonus accrual for non‐management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would have been approximately $29 million higher both in Macao and on a consolidated basis, and Adjusted Earnings per Diluted Share would have been $0.03 higher. 

¹

¹

¹

¹

Macao – Steady EBITDA growth driven by growth in mass segment

— Mass table win increased 34.3% to $1.25 billion 

— Slot and ETG win increased 18.8% to $177.6 million 

— Rolling win decreased 5.7% to $1.12 billion

— Retail mall revenue increased 9.0% to $78.0 million

Singapore – Steady operating performance with growth in hotel and retail segments

— Mass table and slot win increased 3.7% to $426.0 million (property record $4.7 million win per day)

— Room revenue increased 7.6% to $93.1 million with ADR of $409, occupancy of 99.1% and RevPARof $405

— Rolling win decreased 0.9% to $360.3 million 

— Mall revenue increased 12.6% to $40.3 million

Macao – Strong Growth in Mass SegmentSingapore –Growth in Mass, Hotel and Retail Segments

6

Year Year Six MonthsEnded Ended Ended

$ in millions 12/31/2012 12/31/2013 6/30/2014 Total

LVS Dividends Paid1 823$           1,153$       809$          2,785$   LVS Special Dividend Paid 2,262          ‐              ‐              2,262       LVS Shares Repurchased ‐              570             1,130          1,700       

Subtotal LVS 3,085$       1,723$       1,939$       6,747$    SCL Dividends Paid2 357             411             777             1,545       Total 3,442$       2,134$       2,716$       8,292$    

$1.00

$1.40

$2.00

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

2012 2013 2014

7

Increasing Return of Capital to ShareholdersNearly $8.3 Billion of Capital Returned to Shareholders Over Last 10 Quarters

LVS Recurring Dividends per Share1 The LVS Board of Directors increased the recurring 

dividend by 42.9% to $2.00 per share for the 2014 calendar year ($0.50 per share payable quarterly)

The company remains committed to returning capital to shareholders via:

— Recurring quarterly dividend program at Las Vegas Sands with a commitment to grow the recurring dividend by at least 10% annually

— $2.0 billion Las Vegas Sands stock repurchase program with a commitment to purchase at least $75 million of stock each month (approximately $300 million remaining under current authorization)

— Special dividends

1. Excludes dividends paid by Sands China Ltd. and excludes the $2.75 per share special dividend paid in December 2012.2. Reflects only the public (non-LVS) portion of dividends paid by Sands China Ltd. (total SCL dividends paid since 2011 of $5.18 billion).

The Company Remains Committed to Returning Capital to Shareholders While Maintaining aStrong Balance Sheet and the Financial Flexibility to Pursue New Development Opportunities

Total Capital Returned to Shareholders

3.3%

2.9%2.7%

2.5%2.2%

2.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

 $60.00  $70.00 $74.22 $80.00  $90.00  $100.00

2.7%

2.1%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

LVS S&P500

LVS Generates Greater Dividend Yield than the S&P500 Index

2014 Forward Dividend                          Yield of LVS and S&P5001

1. Reflects the 2014 dividend yield for LVS and the Bloomberg 2014 forward dividend yield estimate for the S&P500 on July 15, 2014. 2. Reflects the 2014 forward LVS dividend ($2.00) over the closing price for LVS on July 15, 2014.

LVS’s 2014 Dividend Yield of 2.7% Reflects a 60 bps Premium Above the S&P500 Forward Dividend Yield Estimates

Sensitivity of LVS Dividend Yield

Dividend Yield as of 7/15/14²

+60 bps

8

Figures as of June 30, 2014 Sands China U.S.  Corporate(US GAAP in $MM) Ltd. Singapore Operations3 and Other Total

Cash, Cash Equivalents and Restricted Cash 1,514.0$     515.9$        395.5$            873.6$        3,299.0$    

Debt 3,216.8$     3,682.2$     3,480.0$        ‐$            10,379.0$ 

Net Debt 1,702.8$    3,166.3$    3,084.5$        (873.6)$      7,080.0$   

Trailing Twelve Months Adjusted Property EBITDA 3,361.3$     1,485.4$     435.5$            ‐$            5,282.2$    

Gross Debt to Trailing Twelve Months EBITDA 1.0 x 2.5 x 8.0 x NM 2.0 x

Net Debt to Trailing Twelve Months EBITDA 0.5 x 2.1 x 7.1 x NM 1.3 x

At June 30, 2014:

Trailing Twelve Months EBITDA – $5.28 billion1

Trailing Twelve Months LVS Dividends Paid – $1.38 billion

Trailing Twelve Months SCL Dividends Paid – $776.6 million2

Trailing Twelve Months LVS Stock Repurchases – $1.65 billion

Cash Balance – $3.30 billion

Net Debt – $7.08 billion

Net Debt to TTM EBITDA – 1.3x

Strong Cash Flow, Balance Sheet and LiquidityFlexibility for Future Growth Opportunities and Increasing Return of Capital

9

1. Includes the impact of the initiation of a “14th month” special bonus accrual for non‐management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would have been approximately $29 million higher.2. Reflects only the public (non‐LVS) portion of dividends paid by Sands China Ltd. Total TTM dividends paid by Sands China Ltd. were $2.60 billion.3. U.S. Operations includes the cash and debt at the U.S. Restricted Group (plus $65.5M in airplane and other financings) and adjusted property EBITDA from Las Vegas operations and Sands Bethlehem.4. The net leverage ratio for covenant compliance purposes was 1.2x, reflecting the dividends and royalty fees paid by Sands China Ltd. and Marina Bay Sands to the U.S. Operations.

Strong Balance Sheet and Cash Flow Maximize Financial Flexibility

4

$657.2

$801.3

$657.2

$752.5

32.1%34.0%

32.1% 33.3%

0%

10%

20%

30%

40%

50%

60%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

2Q13 2Q14 2Q13 2Q14

Macao Operating Performance

10

($MM)

Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin¹

Actual Hold‐Normalized

+14.5%+21.9%

1. Includes the impact of the initiation of a “14th month” special bonus accrual for non‐management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would have been approximately $29 million higher in Macao.

Mass tables

— Mass table win up 34.3% to $1.25 billion (compared to 32.6% growth for the Macao market)

— Mass table efficiency up 17.4% to $11,963 win per table per day (despite an increase of 145 mass tables compared to the same quarter last year)  

— Mass table count increased by 14.4% to reach an average of 1,147 mass tables during the quarter

Slots and ETGs

— Slot and ETG win up 18.8% to $177.6 million driven by increased slot play at The Venetian Macao

VIP gaming

— Rolling win down 5.7% to $1.12 billion (compared to a decrease of 5.9% for the Macao market)

— VIP table efficiency increased 31.5% to $32,568 win per VIP table per day 

— VIP table count decreased by 28.2% to an average of 377 VIP tables during the quarter

Macao Gaming PerformanceStrong Growth and Increased Efficiency Across Macao Mass Property Portfolio 

11

Strong Operating Momentum Across Mass Gaming Segments

$2,084 $2,409$3,355

$4,358$4,952

$6,587

$8,949

$11,674

$15,309

$17,528

16%

39%

30%

14%

33%36%

30% 31%33%

0%

10%

20%

30%

40%

50%

60%

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM 2Q14

Mass Table and Slot GGR Year‐over‐Year Growth

Strong and Consistent Growth in Macao’s High Margin Mass Market 

12

Macao Mass Table and Slot Gross Gaming Revenue($MM)

Source: Macao DICJ

Macao’s Mass Table and Slot Revenue has Grown by at Least 30% in each of the Last 18 Quarters, Including 33% Growth in TTM 2Q14 (37% Mass Table Growth and 8% Slot Growth)

$3,579 $4,670 

$6,123 $7,011 $2,446 

$2,637 

$2,985 

$3,033 

$6,026 

$7,307 

$9,108 

$10,044 

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

2011 2012 2013 TTM 2Q14

Mass Tables, Slots and ETGs VIP Tables

Macao Market VIP and Mass Gaming Est. Operating Profit ¹

The Mass Business is the Primary Driver of Earnings Growth in Macao

($MM)

Source: Macao DICJ1. This presentation reflects an assumed operating profit margin of 10.0% on gross VIP revenue and a blended margin of 40% on mass table and slot gross revenue.

Since 2011, the VIP Business Generated An Additional $587 Million in Operating Profit While the Mass Business Generated an Additional $3.4 Billion in Operating Profit

13

(59%)

(64%)

(67%)

(70%)(41%)

(36%)

(33%)

(30%)

( ) = % of total operating profit for period

Mass Tables53%

Slots  8%

Hotel 12%

Mall 8%

Other 2%VIP 17%

Mass Tables50%

Slots  9%

Hotel 12%

Mall 8%

Other 1%

VIP 20%

TTM 2Q131

Macao: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands and Sands China

14

Mass Tables / Slots and Non‐Gaming Generated 83% of Macao’s Departmental Profit in the TTM Period Ending 2Q14 vs. 80% in the TTM Period Ending 2Q13

Macao Departmental Profit Contribution by Segment

TTM 2Q14

1. Represents departmental profit by segment (before unallocated expenses) for the respective TTM periods ending June 30, 2013 and 2014.

Executing Our Mass Strategy in Macao

Expansion of Mass MarketOfferings Underway with The Parisian

Family-friendly Entertainment World Class Concerts, Sporting Events and Other Entertainment Offerings

Over 1.2 million sq. feet of World Class Shopping

Market-Leading Customer Database

Highly Themed Tourism Attractions

Portfolio of Nearly 9,300 Suites and Hotel Rooms

Over 2 million sq. feet of Conference, Exhibition and Carpeted Meeting Space

The Broadest and Deepest

Mass Tourism Offerings in Macao

Our Unmatched Mix of Non‐Gaming Amenities Drives Visitation, Length of Stay and Growth 15

$929.6

$1,061.2

$1,218.5

$1,336.7$1,248.8

29.9% 29.8% 30.5% 31.6% 30.4%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

2Q13 3Q13 4Q13 1Q14 2Q14

Mass Table Win % of Macao Mass Table Win

$10,190$10,961

$12,143$13,210

$11,963

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

2Q13 3Q13 4Q13 1Q14 2Q14

Mass Table Win Increased 34.3% Mass Table Win per Table per Day2

16

($MM)

1,091Mass Tables

1,124 1,1471,003 1,052

Over $2.2 Billion of Annual Departmental Profit at the 2Q14 Run‐Rate

Source: Macao DICJ1. LVS’s mass table market share as presented above reflects the Macao DICJ’s presentation methodology, which includes live dealer ETG configurations within the mass table segment and Paiza cash revenue within the VIP segment. For financial reporting purposes, LVS presents a non‐rolling table segment (which includes Paiza cash and excludes all ETGs) and a slot segment (which includes all ETGs).2. Excludes revenue from all ETGs.

Strong Growth in Macao Mass Table BusinessStrong Growth and Productivity Gains in Macao’s Most Important Segment

1

Mass Table Win per Unit per Day

$11,000  $11,963  $12,000  $13,000  $14,000  $15,000  $16,000 

1,250  $2,258 $2,456 $2,464 $2,669 $2,874 $3,080 $3,285

# of 1,200  $2,168 $2,358 $2,365 $2,562 $2,759 $2,957 $3,154

Mass  1,150  $2,078 $2,260 $2,267 $2,456 $2,644 $2,833 $3,022

Tables 1,147  $2,072 $2,254 $2,261 $2,449 $2,638 $2,826 $3,014

1,100  $1,987 $2,161 $2,168 $2,349 $2,529 $2,710 $2,891

Extending Our Leadership in Macao’s Mass MarketMeaningful Opportunity to Continue to Grow Mass Table Business

171. Based on departmental profit margin of 45% of mass table revenue for LVS’s Macao operations.

Over $2.2 billion of Annualized Mass Table Departmental Profit Today…Opportunity for Additional Growth Through Continued Execution of Our Mass Strategy

Illustrative Profitability of LVS’s Macao Market Mass Table Offering ($MM)1

Our departmental profit opportunity in the mass table segment in Macao

LVS’s 2Q14 annualized mass table departmental profit

$372

$452

$559 $580$547

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2Q13 3Q13 4Q13 1Q14 2Q14

$557$609

$659

$757$702

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2Q13 3Q13 4Q13 1Q14 2Q14

18

LVS Base Mass Table Win by Quarter

Macao: Strong Growth in Base Mass and Premium Mass Revenues

Note: LVS base mass and premium mass table revenues are based on geographic position of the tables on the gaming floor.

Mass Table Offering is Broadest and Deepest in Macao market

($MM)

LVS Premium Mass Table Win by Quarter

LVS Departmental Profit Margin: 45% - 50% LVS Departmental Profit Margin: 35% - 45%

($MM)

261Tables 248 290241 255829Tables 877 857761 798

$149.4

$165.9$173.8

$184.3$177.6

30.1%32.6% 32.7% 32.2% 32.4%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

$220

2Q13 3Q13 4Q13 1Q14 2Q14

Slot & ETG Win % of Macao Market Slot Win

$285

$327$353

$388$401

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

2Q13 3Q13 4Q13 1Q14 2Q14

Macao Slot and ETG Win Increased 18.8% Macao Slot and ETG Win per Unit per Day

19

($MM)

5,348Slots & ETGs 5,277 4,8655,757 5,507

~ $330 Million of Annual Departmental Profit at the 2Q14 Run‐RateSource: Macao DICJ1. LVS’s slot market share as presented above reflects the Macao DICJ’s slot revenue reporting methodology, which excludes ETG play. Live dealer ETG configurations are reported within the mass table segment. For financial reporting purposes, LVS presents a non-rolling table segment (which excludes all ETGs) and a slot segment (which includes all ETGs).

Profitable Macao Slot Business Continues to Grow 

1

$5.6

$3.5

$0.6

$9.7

$2.1

$11.9

$7.0

$5.2

$1.0

$13.3

$2.4

$15.7

$0.0

$3.0

$6.0

$9.0

$12.0

$15.0

$18.0

VenetianMacao

Sands CotaiCentral

Plaza Casino(Four Seasons)

TotalCotai Strip

Sands Macao(Peninsula)

TotalMacao Ops

2Q13 2Q14

Mass Table, Slot and ETG Win Per Day

($MM)

Strong Mass Growth Across our Macao Property PortfolioMacao Property Portfolio Growing Faster than the Market

20

Strong Growth at Every Property in our Macao Portfolio Drove an Increase of 31.9% in our Portfolio‐wide Mass Win per Day to Market‐Leading $15.7 million per day 

Cotai Strip Properties Peninsula Total

Mass Tables 536 354 94959 199 1,147

Slots

ETGs

1,502 1,059 2,706145 583 3,289

548 689 1,2458 331 1,576

2Q14 Average Table, Slot and ETG Units 

1. This compares to a 28.9% increase for the Macao market mass table, slot and ETG win for 2Q14.

$1,183.9

$1,303.4 $1,327.2

$1,445.3

$1,116.9

16.8%18.4%

16.9%18.3%

17.1%

0%

5%

10%

15%

20%

25%

30%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

2Q13 3Q13 4Q13 1Q14 2Q14

Rolling Win % of Macao Market Rolling Win

$24,763

$30,365$32,837

$39,167

$32,568

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

2Q13 3Q13 4Q13 1Q14 2Q14

Rolling Win per Table per Day

21

Rolling Win Decreased 5.7%

439Rolling Tables 410 377525 467

Greater Than $550 Million of Annual Departmental Profit at the 2Q14 Run‐Rate

($MM)

Macao VIP BusinessModestly Declining Revenue with Increased Table Productivity

2.68% 3.18% 3.19%2.82% 2.87%RollingWin %

1. This compares to a decrease of 6.0% for the Macao market.

Expanding Our Critical Mass on the Cotai StripThe Parisian Macao

22LVS Operating Assets

Third Party Operating Asset

Third Party Future Development

Construction Progress – July 14, 2014Map of Macao’s Cotai Strip

The Parisian Macao will be a $2.7 billion themed, aspirational destination Integrated Resort 

Construction is progressing

Targeted completion date: Late 2015

Hotel rooms and suites: 3,000+

Gaming capacity: ~450 table games and 2,500 slots and ETGs

Additional amenities including retail mall, 50% scale replica Eiffel Tower, MICE space, diverse food & beverage options and entertainment

Rendering of The Parisian Macao

LVS Planned Development

$355.3$417.8

$384.0 $368.5

48.1%51.9%

49.5% 49.6%

30%

40%

50%

60%

$0

$100

$200

$300

$400

$500

2Q13 2Q14 2Q13 2Q14

$2.99 $3.02

$1.52 $1.66

$4.51 $4.68

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

2Q13 2Q14

Non‐Rolling Tables Slot Machines

Marina Bay Sands OperationsSecond Quarter 2014 Details

23

Actual

Adjusted property EBITDA of $417.8 million, an increase of 17.6%

— Hold‐normalized adjusted property EBITDA of $368.5 million, a decrease of 4.0%

Total mass (non‐rolling tables and slots) win per day increased 3.8% to reach $4.7 million

— Non‐Rolling win increased 0.7% to $274.4 million¹

— Slot win increased 9.6% to $151.5 million²

Rolling win decreased 0.9% to $360.3 million (rolling volume decreased 27.3% to $10.45 billion)

Strong growth in hotel ADR, which increased 7.9% to $409 while room revenue increased 7.6% to reach $93.1 million

($MM)

($MM)

Adjusted Property EBITDA and Adjusted Property EBITDA Margin

Continued Growth in Slot, Hotel and Retail Businesses, Mass Table Play Steady

Non‐Rolling Table and Slot Win Per Day

Hold‐Normalized

1. Non‐rolling win has been between $260 million and $280 million in each of the past twelve quarters.2. Slot win has been between $135 million and $155 million in each of the past twelve quarters.

$149 $160 $169 $177 $182

$87 $97$113 $126 $125$29

$38$42

$43 $45$157$155

$154$156 $160

$422$450

$478$502 $512

$0

$100

$200

$300

$400

$500

$600

2Q13 3Q13 4Q13 1Q14 2Q14

Venetian Macao Four Seasons Macao Sands Cotai Central¹ Marina Bay Sands²

Asian Retail Mall Revenue Increasing Steadily

24

($MM)

Trailing Twelve Months Retail Mall Revenue 

85% 86% 86%84%Operating Profit Margin

84%

1. At June 30, 2014, 305,929 square feet of gross leasable area were occupied out of a total of up to 600,000 square feet of retail mall space that will be featured at completion of all phases. 2. 44,000 square feet of the Shoppes at Marina Bay Sands (6.8% of total mall square footage) was being repositioned to higher yielding luxury tenants during the second quarter.

$407M $430M $442M$355MOperating Profit 

$379M

South Korea

Promising Areas of Future Development Interest for Las Vegas Sands

Japan

As the global leader in Integrated Resort development and operation, Las Vegas Sands is uniquely positioned to bring its unmatched track record and powerful convention‐based business model to the world’s most promising Integrated Resort development opportunities

Development opportunity parameters:

— Minimum of 20% return on total invested capital

— 25% ‐ 35% of total project costs to be funded with equity (project financing to fund 65% ‐ 75% of total project costs)

Disciplined Execution of Our Global Growth Strategy

25

MacaoThe Parisian Macao

St. Regis Tower atSands Cotai Central

Vietnam

Appendix

Historical Hold‐Normalized Adj. Property EBITDA1

28

1. This schedule presents hold-normalized adjusted property EBITDA based on the following methodology:(a) for Macao operations and Marina Bay Sands: if the quarter’s rolling win percentage is outside of the 2.70%-3.00% band, then a hold-adjustment is calculated by applying a rolling win percentage of 2.85% to the rolling table volume for the quarter.(b) for Las Vegas operations: if the quarter’s Baccarat win percentage is outside of the 22.0%-30.0% band, then a hold-adjustment is calculated by applying a Baccarat win percentage of 26.0%, and if the quarter’s non-Baccarat win percentage is outside of the 14.0%-18.0% band, then a hold-adjustment is calculated by applying a non-Baccarat win percentage of 16.0%.(c) for Sands Bethlehem: no hold-adjustment is made.(d) for all properties: gaming taxes, commissions paid to third parties on incremental win, bad debt expense, discounts and other incentives are applied to determine the EBITDA impact.

2. Reflects consolidated adjusted property EBITDA inclusive of Other Asia (principally CotaiJet operations) segment.3. Includes the impact of the initiation of a “14th month” special bonus accrual for non-management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would have been approximately $29 million higher both in Macao and on a consolidated basis.

$ in millions 2Q13 3Q13 4Q13 1Q14 2Q14

Macao Property Operations

Reported 657.2$       784.3$       835.9$       939.8$       801.3$      

Hold‐Normalized 657.2$       784.3$       866.8$       864.8$       752.5$      

Marina Bay Sands

Reported 355.3$       373.6$       258.8$       435.2$       417.8$      

Hold‐Normalized 384.0$       373.6$       341.3$       377.9$       368.5$      

Las Vegas Operations

Reported 63.0$          87.1$          88.2$          79.7$          66.1$         

Hold‐Normalized 84.4$          61.6$          93.7$          97.3$          70.4$         

Sands Bethlehem

Reported 33.6$          29.6$          30.3$          26.5$          27.9$         

Hold‐Normalized 33.6$          29.6$          30.3$          26.5$          27.9$         

LVS Consolidated2

Reported 1,106.9$   1,275.8$   1,214.0$   1,479.7$   1,312.6$  

Hold‐Normalized 1,157.0$   1,250.3$   1,332.9$   1,365.2$   1,218.8$  

³

³

$1,086

$2,229

$3,532$3,791

$4,763

$5,282

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

2009 2010¹ 2011 2012² 2013 TTM 2Q14

$4,563

$6,853

$9,411

$11,131

$13,770

$14,859

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

2009 2010¹ 2011 2012² 2013 TTM2Q14

LVS Historical Net Revenue($MM)

Strong Historical Revenue and EBITDA Growth Over the Last Four Years

LVS Historical Adjusted Property EBITDA($MM)

Margin  23.8% 32.5% 34.1%37.5% 34.6%

1. Marina Bay Sands opened in April 2010.2. Sands Cotai Central opened in April 2012.3. Includes the impact of the initiation of a “14th month” special bonus accrual for non-management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would have been approximately $29 million higher.

The Power and Consistency of our Convention‐Based Integrated Resort Business Model is Reflected in our Financial Results

35.5%

29

³

$0.07

$0.98

$2.02$2.14

$2.90

$3.37

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

2009 2010¹ 2011 2012² 2013 TTM 2Q14

$48

$775

$1,644$1,768

$2,399

$2,758

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2009 2010¹ 2011 2012² 2013 TTM 2Q14

LVS Historical Adjusted Net Income

Strong Historical Net Income and EPS Growth Over the Last Four Years

LVS Historical Adjusted Diluted Earnings per Share($MM)

Diluted SharesOutstanding

728M 792M 825M812M 826M

1. Marina Bay Sands opened in April 2010.2. Sands Cotai Central opened in April 2012.3. Includes the impact of the initiation of a “14th month” special bonus accrual for non-management employees in Macao in 2Q14. Absent this accrual, Adjusted Earnings per Diluted Share would have been $0.03 higher. 4. Reflects the simple average of the diluted shares outstanding for the four component quarters.

The Power and Consistency of our Convention‐Based Integrated Resort Business Model is Reflected in our Financial Results

819M4

30

³

$472 $447 $500 $500 $500 $500

$250 

$830

$192

$225

$60

$40

$210

$680$1,250

$350$75

$100 

$400 

$200 

$25 

$107

$49

$145

$1,449

$898

$1,900

$2,210

$1,050

$600

$0

$500

$1,000

$1,500

$2,000

$2,500

2012A 2013A 2014E 2015E 2016E 2017E

Maintenance Investments in Current Properties¹ Sands Cotai Central The Parisian Macao² St. Regis at SCC Other

Capital Expenditures ExpectationsFuture Investments Include The Parisian Macao, St. Regis at SCC and Maintenance

Future Capital Expenditures Focused on Growth in Asia

($MM)

1. Reflects investments that will generate future income in our current property portfolio (including the Four Seasons Apart‐Hotel and a third gaming area at Sands Cotai Central).  2. The timing of capex is subject to the receipt of timely government approvals.

Sands Cotai CentralThe Parisian Macao2St. Regis at Sands Cotai Central

LVS Capex Expectations

Development Timeline Pre‐OpeningPost‐Opening

31

180 418 

980 

1,633

147 626 

921 

1,178  810 

1,191

2,115

$163

$656

$950

$1,439

$2,420

$1,013

$3,748

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

2014 2015 2016 2017 2018 2019 2020

SCL MBS USRG LVSC

Debt Maturity ProfileDebt Maturity by Year at June 30, 2014

Long Term and Low Cost Financing in Place

($MM)

2% 6% 9% 23%% of Total 14% 10% 36%

32

2

1. Reflects remaining 2014 payments.2. Reflects refinancing of Macao Credit Facility in the first quarter of 2014.

1

$3,217$3,361

$1,756$1,473 $1,378

$1,127$914

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

LVS LVS TTM2Q14²

Galaxy³ MPEL WynnMacau

SJM MGMChina

$7,484

$9,865

$1,048

$1,333

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

1Q13 TTMEBITDA

LVSEBITDAGrowth

All OthersEBITDAGrowth

1Q14 TTMEBITDA

LVS Outperforming the Macao Market in EBITDA Generation and Growth

LVS Had 33% Market Share of EBITDA in TTM 1Q14 and Generated 44% of the Incremental EBITDA Created in Macao in TTM 1Q14

33

Source: Company Reports1. Reflects adjusted property EBITDA for operating properties based on US GAAP for the twelve months ended March 31, 2014, and for LVS TTM 2Q14 for the 12 months ended June 30, 2014.2. Includes the impact of the initiation of a “14th month” special bonus accrual for non‐management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would have been approximately $29 million higher.3. Galaxy only includes revenue and EBITDA from Starworld and Galaxy Macau.

EBITDA Margin

31% 43% 14% 11% 26%

1Q14 TTM Macao Market EBITDA1

EBITDA TTM  

Growth

29% 28% 33% 17% 26%

($MM)

1Q14 TTM Macao Market EBITDA Growth

($MM)

44% of Incremental EBITDA

56% of Incremental EBITDA

48%

34%

40%

34%

18% 15% 14% 11% 9%33%Macao MarketEBITDA 

Share (%)

TBD

$70$208

$285$361

$510 $561$656

$780$822 $896

$1,045 $1,087 $1,059 $1,120 $1,016 $1,068 $1,028

0.0% 8.4% 9.6%12.9% 11.3%

14.6%18.2% 19.8%

23.4%26.8% 26.7% 27.8% 30.3% 32.0%

37.2% 37.5%40.9%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

$0

$300

$600

$900

$1,200

2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

Gross Casino A/R Balance at End of Period Reserve Against Casino A/R Balance

$40

$146$203

$250 $271

$345 $314

$418

$311 $317$378 $368

$408$342

$403

$326$361

$0

$75

$150

$225

$300

$375

$450

2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

MBS – Credit Collections Remain Healthy  Reserve Balance Has Now Increased to 40.9% of Gross A/R

34

($MM)

Reserve Balance Has Increased to $420 Million as Accounts Receivable Balance Has Grown 

Casino Credit Collections Remain Healthy

$0Quarterly Provision

$17M $24M $37M $32M $40M $40M$11M$19M$10M

Life to Date Provision of $488M Represents 9.8% of Rolling Win Since Opening of Property

$38M $39M $37M $39M $36M $36M $33M

$342 $252

$209$188

$551$440

$0$100$200$300$400$500$600$700

2Q13 2Q14Baccarat Non‐Baccarat

$63.0 $66.1

$84.4

$70.4

18.2% 18.7%22.7%

19.6%

0%

10%

20%

30%

40%

$0

$20

$40

$60

$80

$100

2Q13 2Q14 2Q13 2Q14

Las Vegas OperationsSecond Quarter 2014 Details

35

Composition of Table Games Drop

Adjusted property EBITDA was $66.1 million, an increase of 5.0%

— On a hold‐normalized basis, adjusted property EBITDA was $70.4 million, a decrease of 16.6%

ADR increased 8.8% to $223, with RevPAR increasing 6.9% to $201

Table games drop decreased 20.2% to $440.0 million, driven by a 26.2% decrease in Baccarat drop

— Non‐Baccarat drop decreased 10.4% to $187.5 million

Slot handle increased 1.7% to $483.6 million 

Best opportunities for future growth:

— High‐end Asian gaming growth

— Increase in group room pricing in 2014 and 2015

($MM)

Adjusted Property EBITDA and Adjusted Property EBITDA Margin

Strong RevPAR Recovery Continues

Actual($MM)

Hold‐Normalized

$121 $128

$138 $133

$259 $261

$0

$100

$200

$300

2Q13 2Q14Baccarat Non‐Baccarat

$33.6

$27.9

26.5%22.1%

0%

10%

20%

30%

40%

$0

$10

$20

$30

$40

2Q13 2Q14

Sands Bethlehem OperationsSecond Quarter 2014 Details

36

Adjusted property EBITDA decreased 16.9% to $27.9 million

Table games drop increased 0.7% to reach $260.6 million, driven by a 5.4% increase in baccarat drop

Slot handle decreased 3.5% to $1.02 billion 

Retail outlet mall (130,000 SF) features 26 stores including Coach, Tommy Hilfiger, DKNY, European Body Concepts Day Spa and recently opened Joli French Bakery and Cafe

Event Center (50,000 SF) 

— Headline events have included Belator MMA, Yes, Tiesto, Willie Nelson, The Beach Boys, Incubus, Glenn Frey, Crosby, Stills and Nash, NBC Fight Night, and Diana Krall with average occupancy of 82%

($MM)

($MM)

Adjusted Property EBITDA and Adjusted Property EBITDA Margin

Composition of Table Games Drop

Macao Market Background and Infrastructure Slides

37%

70%

63%

30%

0%

20%

40%

60%

80%

100%

Gross Gaming Revenue Operating Profit

Mass Tables and Slots VIP Gaming

$17,528

$30,328

$47,856

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000

Gross Gaming Revenue

Mass Tables and Slots VIP Gaming

TTM 2Q14 Macao Market Gross Gaming Revenue 

VIP Gaming Represents 63% of Total Macao GGR……but Mass Tables and Slots Generate ~70% of Gaming Operating Profit

($MM)

Composition of Macao Market Gross Gaming Revenue and Est. Gaming Operating Profit2

Source: Macao DICJ1. In the second quarter of 2014, the mass table segment grew 33% and the slot business grew 4% compared to the second quarter of 2013.2. This presentation reflects an assumed operating profit margin of 10.0% on gross VIP revenue and a blended margin of 40% on mass table and slot gross revenue.

Mass Gaming Generates 37% of the Gaming Revenue, but ~70% of the Gaming Operating Profit

38

2Q14 YoY Growth

+5%

‐6%

+29%1

~2X

Evolution of the Macao Visitor

Drivers

More efficient and affordable transportation infrastructure

Additional tourism attractions in Macao and Hengqin Island

Greater number of hotel rooms in Macao

Rapidly expanding middle‐class with growing disposable income

39

As a result, Macao’s visitors are:

Coming From Further Away

Staying Longer

Spending More On:• Dining• Retail• Entertainment• Gaming

Five Trends that Will Contribute To Growth in the Macao Market Over the Next Five Years

1

2

3

4

5

200 million Chinese are expected to travel outside of China by 2020, compared to 83 million in 2012 and 97 million in 2013

Infrastructure and transportation connectivity throughout China,especially in the Pearl River Delta region, will be meaningfully expanded

Increasing length of stay in Macao

Hengqin Island will contribute to Macao’s diversification and to its further development as a business and leisure tourism destination

Over 13,000 new hotel rooms will open in Macao by 2018

Sources: McKinsey, Ernst & Young, CLSA40

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

'56 '60 '64 '68 '72 '76 '80 '84 '88 '92 '96 '00 '04 '08 '12$4 

$8  $11 $14 

$15 $22 

$30 $44 $55 $70 

$102 

$120 

5

5 9 12

2031

414857

7383

97108

119

132147

163

180

200

$138$157

$179

$205

$234

$268

$306

0

50

100

150

200

250

300

350

'95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19

Outbound Travel from China

China Is The World’s Largest and Fastest Growing Outbound Tourism Market

41

Outbound Travel Penetration¹

Wealth Generation and Increased Mobility in China Have Driven Strong Growth in Outbound Trips and Tourism Spend, And Comparative Outbound Travel Penetration Rates Show a Meaningful Opportunity for Continued Long Term Growth

Expenditure (US$bn)

Chinese outbound tourists (millions)

CLSA estimates

Source: CLSA, UNWTO1. Outbound travel penetration is defined as total departures by residents as a percentage of the respective country’s population.

1

China

Japan

Taiwan

Korea

2009‐2013 2012‐2020Expenditure 27.2% 14.3%Tourists 16.1% 10.9%

CAGR

44.5%

27.5%

14.5%

6.1%

Twelve Months Ended May 31, Population PenetrationProvince 2013 2014 % Change (MM) Rate (LTM)

Guangdong 7,896,953       8,502,545       +8% 104 8.2%

Fujian 774,928          807,691          +4% 37 2.2%

      Subtotal 8,671,881       9,310,236       +7% 141 6.6%

Hunan 594,554          697,160          +17% 66 1.1%

Zhejiang 624,323          670,044          +7% 54 1.2%

Hubei 502,485          601,824          +20% 58 1.0%

Shanghai 532,910          544,835          +2% 23 2.4%

Jiangsu 504,286          540,950          +7% 79 0.7%

Sichuan 361,781          381,694          +6% 80 0.5%

Henan 346,650          420,480          +21% 94 0.4%

Beijing 336,972          376,312          +12% 20 1.9%

Shandong 250,842          280,095          +12% 13 2.2%

Chongqing 202,368          238,046          +18% 13 1.8%

Guangxi 377,576          428,131          +13% 46 0.9%

Hebei 251,944          284,247          +13% 72 0.4%

All Other Provinces 3,895,248       5,033,481       +29% 784 0.6%

Subtotal (Excluding Guangdong & Fujian)

8,781,939       10,497,299     +20% 1,403   0.7%

Total China 17,453,820     19,807,535     +13% 1,544   1.3%

Growth in Visitation to Macao from Throughout China

42NOTE: Penetration rates assume that each visitor to Macao from Mainland China is a unique visitor.Source: Macao DSEC; National Bureau of Statistics of China; LVS Estimates

Year‐Over‐Year Visitation Growth Mainland Chinese Visitation to Macao

1

Greater than 20%Data Not Available‐10% ‐ 0%

0% ‐ 10%10% ‐ 20%

Infrastructure: China’s High‐Speed RailConnecting More of Mainland China to Macao

Source: Wikipedia, LVS, NYT

Guangzhou – Zhuhai Intercity Rail Rail line connecting Guangzhou to Zhuhai, where the Gongbei border gate to Macao is located

Guangzhou is the largest city in Guangdong province and is a key economic and transportation hub

Reduces travel time from Guangzhou to Zhuhai from 2+ hours by bus to as short as 60 minutes

Zhuhai station opened in Jan 2013

Future link to Macao Light Rail System

Wuhan– Guangzhou High‐Speed Rail

Wuhan is the capital of Hubei Province and one of the most populous cities in Central China with ~10 million people 

Wuhan is a major transportation hub and known as the economic hub of Central China 

HSR reduces travel time to Guangzhou from 11 hours by bus to 3.5 hours by train

One of the most successful routes with 75‐80 trains in each direction each day

43

2

Beijing – Guangzhou High‐Speed Rail

World’s longest high‐speed rail route

Covers 2,298km in ~10 hours, compared to 22 hours previously

Provides seamless connection from Northern China to the Macao border via the Guangzhou‐Zhuhai Intercity Rail

China’s Ministry of Railways Plans to Spend Greater than US$100 billion per Year on Rail Development for the Foreseeable Future, and Highlighted Rail Development in the February 2014 Stimulus Plan

Infrastructure: Meaningful Improvements Throughout the Pearl River Delta Region

Source: World Bank, China Daily, Chinatrainguide.com, Analyst reports.  Note: population and GDP data from 2013.44

GuangzhouPopulation: 13M

GDP Per Capita: US$14,000

MacaoPopulation: 0.6M

GDP Per Capita: US$91,300

Hengqin Island• Special economic area• Over $20B of overall investment• Over 10,000 hotel rooms• First phase of Chimelong theme park  opened in Jan. 2014 and expected to attract 20M visitors annually at completion of all phases

Hong KongPopulation: 7.2M

GDP Per Capita: US$38,000

Hong Kong‐Macao‐Zhuhai Bridge (expected completion 2016)

Wuhan – Guangzhou High‐Speed Rail• 3.5 hour train ride• 75‐80 trains in each direction per day

ShenzhenPopulation: 10M

GDP Per Capita: US$22,000China Border Gate Expansion• Daily capacity increased from 150,000 to 350,000 people in 2H13

• Reduced average wait times on China side of border 

Guangzhou – Zhuhai Intercity Rail• 70 ‐ 90 minute train ride (2+ hours by bus)• 25 ‐ 35 trains in each direction per day• Final link to Gongbei border gate completed in January 2013

Guangzhou – Shenzhen – Hong Kong Rail• 2 hour train ride from Guangzhou to HK• 25 trains in each direction per day

Infrastructure LegendExisting

FutureCompleted in 1Q13

Gongbei – Hengqin Railway• Connects the Gongbei border crossing with Hengqin Island

• Stops at Lotus Bridge crossing and ends at Chimelong theme park

• Expected completion 2017

2

5.2

6.3

7.3

8.1

8.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

2009 2010 2011 2012 2013

5.8

6.9

8.8 8.8

9.7

0.0

2.0

4.0

6.0

8.0

10.0

12.0

2009 2010 2011 2012 2013

Mainland China Day‐Trip Visitors to Macao Mainland China Overnight Visitors to Macao

Chinese Day‐Trip and Overnight Visitation To                        Macao Both Continue to Grow

(MM)

Source: Macao DSEC45

‐9% +19% +28% 0%

(MM)

Growth ‐1% +22% +16% +10%Growth 0

Additional Hotel Capacity and Transportation Infrastructure will Enhance Overnight Visitation Growth to Macao in the Future

+10% +10%

3

11.013.2

16.2 16.918.618.0

22.7

28.1

34.9

40.7

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

Mainland China Visitation to Macao and Hong Kong

Visitation to Macao Can Meaningfully Grow40.7 Million Residents of Mainland China Visited Hong Kong in 2013

(MM)

Source: Macao DSEC; Hong Kong Tourism Board46

‐5% +20% +22% +5%Macao+6%Hong Kong +26% +24% +24%

Robust Transportation Infrastructure, 74,000 Hotel Rooms and World‐Class Dining and Shopping Amenities Enabled 40.7 Million Mainland Chinese Visitors to Travel to Hong Kong in 2013

Hong Kong Received 

22.1M More Visitors from China in 2013 

than did Macao

2009 2010 2011 2012 2013

+10%

+17%

3

Macao Hong Kong

18.7

63.3

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

9.78.9

23.7

17.1

0.0

5.0

10.0

15.0

20.0

25.0

2.1

3.7

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0(Days)

Total 2013 Mainland             Chinese Visitor Nights²

(MM)(MM)

Daytrip Visitors 

Opportunity for Increased Overnight Visitation and Length of Stay In Macao

471. The Hong Kong average length of stay figure is not yet available for 2013. The 3.7 day figure presented is from 2012.2. Calculated as total overnight visitors from Mainland China multiplied by average length of stay for Mainland overnight visitors in each market for 2013.Source: Macao DSEC, Hong Kong Tourism Board

Composition of 2013                                      Visitation from Mainland China

Mainland Visitors Spent 63.3 Million Visitor Nights in Hong Kong in 2013Compared to Just 18.7 Million Visitor Nights Spent in Macao

Overnight Visitors

Avg. Length of Stay for                  Mainland Chinese               

Overnight Visitors in 2013

Macao Hong Kong

3

1

Hengqin Island Expands Critical Mass of Tourism Offerings for Visitors to the Region

48

Map of Hengqin Island New Area Important Facts Island adjacent to Macao (3X the size of Macao) that has 

been welcomed by President Xi Jinping as a strategic zone for cooperation among Guangdong Province, Hong Kong and Macao 

Master‐planned island with greater than US$20 billion of investment focused on tourism development, industrial and technological innovation and education

One of three current “New Area” reform zones in China

— Support from the Central Government to enable long term success

— Empowerment to have broad flexibility on economic and legal matters

Designed to contribute to the diversification of Macao

— US$3.2 billion Chimelong International Ocean Resort opened January 28 and is expected to generate 20 million visits in the future after completion of all phases¹

— Hengqin’s central business district will feature a 1.2 million square foot convention center

— More than 10,000 hotel rooms expected to open over the next five years

Source: Macau Daily, Zhuhai Daily, Chimelong Group, Hengqin New Area Administrative Committee1.   The Chimelong Hengqin Hotel had a soft opening on January 18, 2014. On November 20, 2013, Chimelong opened the China International Circus Town (Arena) portion of Phase 1 

for the China International Circus Festival, and regular circus shows began on January 18, 2014. Phase 1 is scheduled to be fully operational by mid‐2014.

4

Sands Cotai Central5,723

The Venetian Macao

2,905

Sands Macao, 289

Galaxy Macau2,250

Grand Waldo, 550Starworld, 509

City of Dreams1,461

Altira Macau, 216

Wynn Macau1,014 Grand Lisboa, 431

Sofitel Macau, 408MGM Grand, 587

9,277

3,309

1,6771,014 839 587

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Las Vegas Sands Galaxy Entertainment Melco Crown Wynn Resorts SJM Holdings² MGM China

Hotel % of Gaming % of TotalGaming Operator Rooms Operators Market

Las Vegas Sands 9,277                56% 38%

Galaxy Entertainment 3,309                20% 14%Melco Crown 1,677                10% 7%Wynn Resorts 1,014                6% 4%SJM Holdings² 839                    5% 4%MGM China 587                    4% 2%

Subtotal Gaming Operators 16,703              100% 68%Other 4/5 Star 7,537                0% 32%Total 24,240              100% 100%

Market Leading Hotel Capacity at LVSLas Vegas Sands Operates 38% of Macao’s Current 4/5‐Star Hotel Inventory

1. In addition to the hotel rooms that are owned by gaming operators presented here, there are 7,587 additional four‐ and five‐star hotel rooms in Macao.2. Reflects only SJM Holdings self‐owned hotels.Source: Company filings, Macao DSEC

49

LVS Hotel Inventory Exceeds the Other Five Gaming Operators Combined

Macao Market Gaming Operator Hotel Rooms1

Four Seasons Macao, 360

5

`

Sands Cotai Central5,723

The Venetian Macao

2,905

Sands Macao, 289

The Parisian Macao3,000

Galaxy Macau2,250

Grand Waldo, 550Starworld, 509

Galaxy Macau Phase II1,350

City of Dreams1,461

Altira Macau, 216

Macau Studio City2,000

Wynn Macau, 1,014

Wynn Cotai1,700

Grand Lisboa, 431Sofitel Macau, 408

SJM Cotai2,000

MGM Grand, 587

MGM Cotai1,600

12,677

4,659 4,457

2,714 2,8392,187

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Las Vegas Sands Galaxy Entertainment Melco Crown Wynn Resorts SJM Holdings² MGM China

Hotel % of Gaming % of TotalGaming Operator Rooms Operators Market

Las Vegas Sands 12,677              43% 34%

Galaxy Entertainment 4,659                16% 12%Melco Crown 4,457                15% 12%Wynn Resorts 2,714                9% 7%SJM Holdings² 2,839                10% 8%MGM China 2,187                7% 6%

Subtotal Gaming Operators 29,533              100% 79%Other 4/5 Star 7,773                0% 21%Total 37,306              100% 100%

Market Leading Hotel Capacity at LVSProjected Macao Market 4/5 Star Hotel Rooms at December 31, 2017

1. In addition to the hotel rooms that are owned by gaming operators presented here, there are 7,823 additional four‐ and five‐star hotel rooms in Macao.2. Reflects only SJM Holdings self‐owned hotels.Source: Company filings, DSEC

50

At the Completion of the Next Phase of Development, LVS will Operate 43% of all Gaming Operator Hotel Rooms

Macao Market Gaming Operator Hotel Rooms at December 31, 20171

Four Seasons Macao, 360

St. Regis Macao, 400

5

CoD Tower Five, 780

`